Exam (elaborations)
Economics AQA A LEVEL With Complete Solutions Latest Update
Economics AQA A LEVEL With Complete Solutions Latest Update
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Economics AQA A LEVEL With Complete SolutionsLatest Update
Positive Statement - correct answers A statement that can be tested to see if it's
correct or not
Normative Statement - correct answers A statement that has a value judgement
and can't be refuted by looking at evidence
Need - correct answers Something necessary for human survival
Want - correct answers Something that is desirable
Economic welfare - correct answers The economic wellbeing of an individual or
group of people
(Human happiness)
Capital good - correct answers A good used in the production of other good and
services
Factors of production - correct answers Land, Labour, Capital, Enterprise
, Fundamental Economic Problem is - correct answers scarcity and that it results
from limited resources and unlimited wants
Scarcity - correct answers Choices have to made how scarce resources are going to
be allocated
Opportunity cost - correct answers The cost of giving up the next best alternative
Productive efficiency - correct answers When the average total costs of production
is minimised
Allocative efficiency - correct answers Available resources are used to produce the
best combination of goods and services that best match people's preferences
Demand - correct answers The quantity of a good or service that consumers are
willing and able to buy at a given time
Normal good - correct answers A good for which demand increases when income
increases
IED > 1
Inferior good - correct answers A good for which demand increases when income
falls
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